Brent crude oil was little changed near its highest in four days as a North Sea pipeline system remained shut. Venezuela, OPEC's fourth-biggest producer, announced the death of President Hugo Chavez.

indore, India (prHWY.com) March 7, 2013 - Gold importers in India feared volatility in the rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, seeking bigger falls in the yellow metal from their lowest level in nearly a week. Gold imports into the country, the world's biggest buyer of the metal, could slow in March due to tight liquidity ahead of the fiscal year-end. The wedding season, which pushes up demand, will re-start in April and continue till early June.

The rupee, which firmed again on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal. Overseas gold traded in a narrow range and hovered around $1,575 an ounce on Wednesday, evoking little interest from investors who switched to riskier assets as confidence in the global economy grew. Silver for July delivery on the MCX was 0.06 per cent higher at 56,020 rupees per kg.

Brent crude oil was little changed near its highest in four days as a North Sea pipeline system remained shut. Venezuela, OPEC's fourth-biggest producer, announced the death of President Hugo Chavez.

Brent for April settlement was at $111.21 a barrel, down 40 cents, on the London-based ICE Futures Europe exchange at 11:08 a.m. in London after advancing as high as $112.23. The volume of all futures traded was 76% above the 100-day average. Prices gained $1.52, or 1.4%, to $111.61 on Tuesday, the highest level since February 27 and biggest increase since February 8.

The European benchmark grade's premium to West Texas Intermediate (WTI) futures was little changed at $20.63. WTI for April delivery was at $90.61 a barrel, down 14 cents, in electronic trading on the New York Mercantile Exchange. The volume of all futures traded was 29% below the 100-day average.

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